Hong Kong’s role as a risk management centre for the Belt and Road Initiative (BRI) was promoted during a forum co-hosted by the Insurance Authority (IA) and mainland China’s state-owned Assets Supervision and Administration Commission of the State Council (SASAC) on 26 and 27 February. Views on risk prevention and risk management were also exchanged by visiting senior executives of central state-owned enterprises (SOEs).

The topics discussed in the forum include how insurance can support the real economy through risk transfer, and how captive insurance companies can exemplify the successful integration between the real economy and the financial sector in supporting risk management,” said IA CEO Clement Cheung in his opening address.

SASAC bureau of capital operation and returns management director general Li Bing said, “Hong Kong is an important international financial centre and has played a substantial role in the reform and modernisation of the country. Hong Kong has been crucial to providing favourable conditions for central SOEs to invest offshore and implement the BRI. Central SOEs can fully utilise Hong Kong’s advantages to connect with international markets and services.”

IA expects to exchange more dialogue with the SASAC and central SOEs which will pave the way for Hong Kong’s insurance industry to provide guidance on the prevention and resolution of major risks for their overseas investment projects.

To help identify and create feasible risk management solutions for enterprises participating in projects and other commercial activities related to the BRI, the IA launched the Belt and Road Insurance Exchange and Facilitation (BRIEF) platform at the end 2018. BRIEF’s members comprise insurers, reinsurers, insurance brokers and other professional service providers.

Leveraging the benefits offered by BRIEF, the IA aspires to establish Hong Kong as a global risk management centre and a regional insurance hub.